HSBC Kuwait has launched an RMB clearing service which it said will allow Kuwaiti corporate and institutional clients to trade and settle payments in the Chinese currency offshore.
Simon Vaughan Johnson, CEO, HSBC Kuwait said that the demand for RMB was on the rise. HSBC Kuwait said its central treasury team in Kuwait will now manage RMB payments locally, so they can now pay an offshore supplier in RMB without an onshore presence in Hong Kong or China.
“As restrictions are lifted, it is on course to become one of the world’s global currencies within a few years”.
“HSBC has unique knowledge and experience of working in China, which can only benefit local companies in Kuwait and we see this new service as one which will help to develop business relationships between Kuwait and China, as well as differentiating HSBC Kuwait in the local market place.”